Central Banks
Carney-led FSB aims at international regulatory convergence
As systemically important banks internalise tougher regulatory environments, cross-border divergence in regimes may diminish, says FSB chair Mark Carney
Bank of Namibia replaces ‘ageing’ banknotes one year after issuance
Central bank reissued the lowest denomination banknotes in its 2012 banknote series after they were found to be ‘ageing faster than expected’
New Zealand’s loan restrictions finding their mark
Banks are reigning in their high loan-to-value ratio loans in response to central bank’s macro-prudential measures; IMF backs ‘tight limits’
Zöllner: Asset managers are biggest non-bank FX traders
Head of banking at Bank for International Settlements highlights growing role of non-bank market participants in FX
Cyclical character of US unemployment makes monetary policy a remedy, says Yellen
Federal Reserve chair Janet Yellen argues cyclical character of US unemployment renders monetary policy an important tool in fighting it
RBI holds rates as inflation follows ‘glide path’
Central bank holds key rate at 8% as tighter policy works its way through the economy; household inflation expectations continue to fall
Richmond Fed study shows 'dramatic crossover' in payment methods of US citizens
Study evaluates Fed data tracking 2,500 participants making close to 13,000 payments during three days in October 2012, shows many seniors sticking to mail as main payment method
Germany pips UK to renminbi clearing deal
Deutsche Bundesbank signs MoU with People’s Bank of China three days before the Bank of England; agreements pave way for first two clearing banks outside Asia
Too big to fail subsidy was worth up to $300bn in eurozone in 2012, IMF says
A report in this year's Global Financial Stability Review says that while excluding the possibility of government support may not be possible, ways should be found of making banks pay for it
Retail fund exposures make EMs more sensitive to shocks, IMF says
IMF report examines make-up of emerging market bond and equity investors to find what lies behind increased susceptibility to global volatility
International policy co-ordination is a 'fair weather' phenomenon, says Carstens
Bank of Mexico's Augustin Carstens says 'massive inflows' were driven by carry trade; argues macro-prudential measures 'no substitute' for strong fundamentals
ECB’s Cœuré warns CCPs could become ‘too big to fail’
Benoît Cœuré says the systemic effects of central clearing are ‘undoubtedly positive’ on aggregate, but raises concerns over the concentration of risk in a few large global CCPs
Philippines central bank backs 'vital’ reforms
Central Bank of the Philippines welcomes plans for $3.3 billion recapitalisation and new mandate; looks set to receive new supervisory powers and monetary policy instruments
National Bank of Ukraine heads for IT regime following clear-out of senior staff
Ukraine central bank will institute an inflation-targeting regime, after the former governor was dismissed along with his deputy and two departmental directors
State Bank of Pakistan has 'critically low' reserves
IMF says Pakistan’s reserves position will remain critical even with ‘stellar’ programme adherence; urges changes to central bank law to boost independence
Dudley calls for global insurance mechanism to smooth taper tantrums
Dudley sides with Bullard over global monetary policy co-ordination - but says more work should be done to devise an insurance system against international capital flow volatility
Central Bank of Brazil hikes inflation forecast for 2014
Report released yesterday revises up inflation rate for 2014 by 50 basis points to 6.1%, 1.6 percentage points above target
Seychelles central bank moves towards inflation targeting
Central bank unveils strategic plan, aiming to put a lid on inflation and reinforce monetary policy transmission with a stronger macro-prudential toolkit
US regulation of foreign banks follows 'pattern set by the EU', says Fed's Tarullo
Basel rules are ‘floors, not ceilings', the Federal Reserve's Daniel Tarullo said yesterday, following accusations that the US is treating foreign banks unfairly
ECB paper finds US resolution authority has not solved too-big-to-fail problem
Research uses creation of US Orderly Liquidation Authority as ‘quasi-natural experiment’, finding many banks are disciplined but the largest still do not believe the threat to be credible